That data will be among other reports the Federal Reserve will evaluate at its two-day meeting, which began Tuesday. It is widely expected the central bank will continue tapering its bond-buying stimulus program by another $10 billion.

O'Leary, one of the stars of the reality show "Shark Tank," believes the market is ready for a full 25 basis point hit from the Federal Reserve, but he thinks the news from the meeting will be "benign."

However, he does see "inflationary tonality" in data points other than housing and wages.